Use of word "bank"
5. —(1) No person or body of persons, whether incorporated or not, other than a bank shall, without the written consent of the Authority —
(a) use the word "bank"or any of its derivatives in any language, or any other word indicating it transacts banking business, in the name, description or title under which the person or body of persons is transacting business in Singapore; or
(b) make or continue to make any representation to that effect in any bill head, letter paper, notice, advertisement or in any other manner.
(2) Subject to subsection (2B), nothing in this section shall prohibit the following persons or bodies of persons from using the word "bank"or any of its derivatives in any language, or any other word indicating the transaction of banking business, as a part of its name or title or in the description of its activities:
(a) any representative office of a foreign company which is not a bank in Singapore if —
(i) the foreign company is licensed, registered, approved or otherwise regulated as a bank under the law of the foreign country or territory in which it is incorporated, formed or established; and
(ii) the following information is provided in every advertisement made by the representative office which is directed at the public or a section of the public in Singapore:
(A) the country or territory in which the foreign company is incorporated, formed or established; and
(B) the fact that the foreign company is licensed, registered, approved or otherwise regulated as a bank in that country or territory;
(b) any central bank of a foreign country or territory;
(c) any association of banks formed for the protection of common interests;
(d) any related corporation of a bank in Singapore which does not carry on banking business in Singapore or elsewhere and which carries on any business referred to in section 30 (1) (b), (c) or (d) if the word "bank"or any of its derivatives in any language, or any other word indicating the transaction of banking business —
(i) is used in a manner to indicate or represent that the corporation is a related corporation of the bank; and
(ii) is used together with any other word to indicate or represent that the related corporation is not a bank in Singapore;
(e) any person or body of persons that does not transact banking business or the business of a financial institution in Singapore or elsewhere, if the word "bank"or any of its derivatives in any language, or any other word indicating the transaction of banking business, is used together with any other word to indicate or represent that the person or body of persons is not a bank in Singapore;
(f) any merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186); and
(g) such international financial institution as may be prescribed.
(2A) Sections 4A (3) and 4B (1), (2) and (3) shall apply, with the necessary modifications, to an advertisement made by a representative office referred to in subsection (2) (a).
(2B) If the Authority is satisfied that a person or body of persons to whom subsection (2) applies has misled or is likely to mislead the public or a section of the public as to whether the person or body of persons is a bank in Singapore, the Authority may, by notice in writing to the person or body of persons, direct the person or body of persons to cease —
(a) using the word "bank"or any of its derivatives in any language, or any other word indicating the transaction of banking business, in the name, description or title under which the person or body of persons is transacting business in Singapore; and
(b) making any representation to that effect in any bill head, letter paper, notice, advertisement or in any other manner, from the date specified by the Authority in the notice, and subsection (1) shall apply to the person or body of persons as from that date.
(2C) The Authority shall publish in the Gazette such particulars as it thinks fit in respect of every person or body of persons to whom a notice is issued under subsection (2B).
(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
(a) in the case of an individual, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or
(b) in any other case, to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
[23/2001]
Use of bank name, etc.
5A. —(1) No person shall, without the prior approval of the Authority, in the course of any profession, vocation, trade or business, use any name, logo or trade mark in a manner which indicates or represents that the person or his trade or business is related to or associated with a bank incorporated in Singapore or any of its subsidiaries which carries on a business referred to in section 30 (1) (a), (b), (c) or (d).
[23/2001]
(2) No bank incorporated in Singapore shall cause or knowingly permit any person (other than a related corporation of the bank which carries on any business referred to in section 30 (1) (a), (b), (c) or (d) or the financial holding company of the bank) to use its name, logo or trade mark in the course of the person’s profession, vocation, trade or business without the prior approval of the Authority.
[23/2001]
(3) Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction —
(a) in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(b) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
[23/2001]
(4) This section shall not apply, in relation to any bank incorporated in Singapore or any subsidiary of the bank referred to in subsection (1), to —
(a) any related corporation of the bank which carries on a business referred to in section 30 (1) (a), (b) , (c) or (d) or the financial holding company of the bank;
(b) any officer or agent of the bank or of any of its subsidiaries which carries on a business referred to in section 30 (1) (a), (b), (c) or (d), in the conduct of any duty or function in or for the bank or the subsidiary, as the case may be;
(c) any person carrying on a business referred to in section 30 (1) (a), (b), (c) or (d) pursuant to any agreement or arrangement with the bank; and
(d) such other person or class of persons as may be prescribed.
[23/2001]
(5) Nothing in this section shall prevent a person who lawfully uses any name, logo or trade mark in the manner referred to in subsection (1) before 18th July 2001* from continuing to use the name, logo or trade mark in such manner for a period of 3 years from 18th July 2001.
* Date of commencement of the Banking (Amendment) Act 2001 (Act 23 of 2001).
[23/2001]
Examination of persons suspected of transacting banking business and access to premises
6. —(1) Whenever the Authority has reason to believe that a person is transacting banking business without a licence, the Authority shall, at all times —
(a) have full and free access to the premises at which that person is suspected of transacting banking business without a licence or at which that person may have books; and
(b) have the power to examine, copy or take possession of the books of that person in order to ascertain whether or not that person has violated, or is violating, any of the provisions of this Act.
[2/84]
(2) Any refusal to allow full and free access to such premises or to submit such books shall be prima facie evidence of the fact of operation without a licence.
[2/84]
Application for licence
7. —(1) A company which desires authority to carry on banking business in Singapore shall apply in writing to the Authority for a licence under this section and shall supply —
(a) a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;
(b) a copy of the latest balance-sheet of the company; and
(c) such other information as may be called for by the Authority.
(2) Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1) shall be guilty of an offence and shall be liable on conviction --
(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b) in any other case, to a fine not exceeding $250,000.
[2/84;23/2001]
(3) Upon receiving an application under subsection (1), the Authority shall consider the application and may, subject to section 9 or 9A, as the case may be, grant a licence, with or without conditions, or refuse to grant a licence.
[23/2001]
(4) The Authority may at any time vary or revoke any existing conditions of a licence or impose conditions or additional conditions thereto.
(5) The Authority shall, prior to any action under subsection (4) —
(a) notify its intention to take that action to the bank concerned; and
(b) give the bank an opportunity to submit reasons why the conditions of its licence should not be so varied or revoked.
(6) Where a licence is subject to conditions, the bank shall comply with those conditions.
(7) Any bank which fails to comply with any of the conditions of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues after conviction.
[2/84;23/2001]
Licence fees
8. —(1) Every bank in Singapore shall pay such annual licence fee as the Authority may, by notification in the Gazette, prescribe.
(2) The Authority may prescribe different licence fees in respect of different classes or categories of banks and the fees shall apply uniformly to those classes or categories.
(3) The manner of payment of the licence fee shall be as specified by the Authority.
Minimum capital requirements
9. —(1) Subject to this Act, a bank shall not be granted or hold a licence unless —
(a) in the case of a bank incorporated in Singapore, its paid-up capital is not less than $1,500 million or such other amount as may be prescribed, and its capital funds are not less than that amount; or
(b) Deleted by Act 1/2007, wef 31/03/2007.
(c) in the case of a bank incorporated outside Singapore —
(i) its head office capital funds are not less than the equivalent of $200 million .
(ii) Deleted by Act 1/2007, wef 31/03/2007.
(2) Deleted by Act 1/2007, wef 31/03/2007.
(3) A bank incorporated outside Singapore which holds a licence to carry on banking business in Singapore on 8th October 1993 shall be exempt from subsection (1) (c) (i).
[23/2001]
(4) Deleted by Act 1/2007, wef 31/03/2007.
(5) Deleted by Act 1/2007, wef 31/03/2007.
(6) A bank incorporated in Singapore shall not reduce its paid-up capital, or purchase or otherwise acquire shares issued by the bank if such shares are to be held as treasury shares, without the approval of the Authority.
(7) Any bank which fails to comply with any requirement under subsection (1) shall immediately notify the Authority.
[23/2001]
(8) Where a bank fails to comply with any provision of this section, the Authority may, without prejudice to section 71, by notice in writing to the bank —
(a) restrict or suspend the operations of the bank; or
(b) give such directions to the bank as the Authority considers appropriate, and the bank shall comply with such directions.
[23/2001]
(9) In this section —
"head office capital funds" , in relation to a bank incorporated outside Singapore, means the aggregate of its paid-up capital (or its equivalent recognised by the Authority as applicable to the bank under the laws of the country or territory in which the bank is incorporated, formed or established) and its published reserves (excluding such reserves as the Authority may specify in writing), deduction having been made for any loss appearing in the accounts of the bank;
"paid-up capital" does not include any amount that is represented by treasury shares.
Capital requirements for qualifying subsidiaries
9A. —(1) Notwithstanding section 9, a company incorporated in Singapore which is a qualifying subsidiary may be granted and hold a licence under section 7 if —
(a) it is and continues to be a qualifying subsidiary; and
(b) its paid-up capital is not less than $100 million.
[23/2001]
(2) A bank which is a qualifying subsidiary shall not reduce its paid-up capital, or purchase or otherwise acquire shares issued by the bank if such shares are to be held as treasury shares, without the approval of the Authority.
(3) A bank which is a qualifying subsidiary shall maintain capital funds of not less than $100 million unless the Authority approves otherwise.
[23/2001]
(4) The Authority may, in its discretion, on application by any bank, exempt that bank from subsection (1) (a) subject to such conditions as the Authority may impose, and in such event, the other provisions of this section shall continue to apply to that bank notwithstanding that it may no longer be a qualifying subsidiary.
[23/2001]
(5) Any bank which fails to comply with any requirement under subsection (1) shall immediately notify the Authority.
[23/2001]
(6) Where a bank fails to comply with any provision of this section or any condition imposed by the Authority under this section, the Authority may, without prejudice to section 71, by notice in writing to the bank —
(a) restrict or suspend the operations of the bank; or
(b) give such directions to the bank as it considers appropriate and the bank shall comply with such directions.
[23/2001]
(7) In this section, "paid-up capital"does not include any amount that is represented by treasury shares.
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